Naira Crashes to N1,421/$1 at Official Market

Date:

May 9, 2024.

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Azonuchechi Chukwu.

The Nigerian currency tumbled against the American Dollar on Wednesday by 0.3 per cent or N4.71 to trade at N1,421.06/$1 compared with Tuesday’s closing price of N1,416.77/$1.

Also, the Naira depreciated against the British Pound Sterling at the spot market yesterday by N33.89 to wrap the session at N1,774.11/£1, in contrast to the preceding day’s value of N1,1740.22/£1 and declined against the Euro by N31.53 to settle at N1,523.01/€1 versus N1,491.48/€1.

The flow of forex into the market marginally increased at the midweek session, as the turnover stood at $164.74 million, according to data from the FMDQ Securities Exchange, compared with the previous day’s $160.77 million, implying an increase of 2.5 per cent or $3.97 million.

A look at the black market showed that things got worse on Wednesday for the Nigerian currency, as its value crashed against the Dollar by N5 to quote at N1,450/$1 compared with the preceding session’s rate of N1,445/$1.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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